What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since BeneGroup, Inc. is highly experienced with mortgages & closings, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We answer buyers' questions about these costs every day at BeneGroup, Inc., so don't hesitate to contact us if you have questions.

Below is a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Costs associated with "originating" your loan
• Points — lower your mortgage interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance

BeneGroup, Inc. can help you understand closing costs. Give us a call: 4083956018.